- McMillan Shakespeare and Eclipx are merging to form a leading salary packaging and fleet management company.
- In a $900 million deal, Eclipx shareholders will get 0.1414 McMillan Shakespeare shares plus 46 cents cash.
- The new company will have a market cap of $2.14 billion.
McMillan Shakespeare and Eclipx Group are merging to create a leading salary packaging and fleet management company with a market cap of $2.14 billion.
Under the $900 million Scheme Implementation Agreement, Eclipx shareholders will get 0.1414 McMillan Shakespeare shares plus 46 cents cash.
The deal implies a total value of $2.85 per Eclipx share based on last closing price of $16.90.
A short time ago, Eclipx shares were up 19% to $2.74. McMillan Shakespeare fell 3.2% to $16.36.
McMillan Shakespeare shareholders will own about 64% of the combined group and Eclipx shareholders the remaining 36%.
The combined business is anticipated to realise an estimated $50 million in synergies.
McMillan Shakespeare Tim Poole said: “We are delighted to announce the Merger of two industry leading businesses to create a unique, diversified and best-in-class platform. We are confident in the strategic and financial logic of this combination and look forward to partnering with the highly skilled Eclipx team.”